Creating a lead magnet beyond giving a discount

If you own an online store and don’t currently have a lead magnet, or only have a discount offer, then this post is for you. Creating a lead magnet beyond giving a discount will go a long way to building a loyal customer base. Read on to see how three e-Commerce businesses have nailed their lead magnets to attract their ideal customer.

Do you know what percentage of visitors to your website actually buy from you?

So what is that 97% doing on your site (apart from not buying from you?)…

– Browsing… from intentional browsing all the way through to passing-the-time-browsing during TV ad breaks, in a waiting room, on the train…

– Researching… trying to pick the business they want to give their business to by carefully comparing you to your competition.

– Referrals… whether it be word-of-mouth or a paid ad, they visit your site because a small part of your offering caught their attention.

How that 97% came to your site exactly doesn’t really matter.

What matters is that they did and you have a chance to turn them from tyre kickers to customers and ultimately raving fans… if only you had more time.

Fortunately, you can create more time by offering them a chance to join your mailing list.

This is where creating a lead magnet comes in handy.

Simply put, a lead magnet is an irresistible offer of something highly valuable to your ideal customer that will make them part with their email address on the spot just to get it.

By highly valuable I mean something that helps them solve a problem, informs or even entertains. It’s easy to understand and instantly accessible. It’s something that you’d consider charging money for, but won’t.

What about offering a discount… ?

The most widely used lead magnets by online stores are based on a first order transaction gift, e.g. a discount, free shipping or free sample.

The problem with offering this type of free stuff is that it assumes that every visitor is on your site at the exact moment they are ready to buy and all they need to do is add to cart and checkout… remember, that’s about 3% of your visitors.

Don’t get me wrong, a discount does have its place, but it shouldn’t be the only thing you offer.

Why is it so important to create a lead magnet beyond giving a discount…?

Here’s four reasons…

1 – When online shopping started gaining in popularity, all a business had to do to outshine their competition was offer a discount. Nowadays every other business is doing the same so this has become the norm, i.e. bare minimum. It’s time to up your game once again to help you stand out from the crowd.

2 – These days 8 out of 10 Australians shop online and almost 1 in 10 products are bought online, which means that there’s a real opportunity to create deeper connections from the very first interaction and build an audience of valuable, loyal prospects and customers.

3 – Online shoppers are increasingly demanding more from the stores they buy from. They don’t just want to make a transaction, they want an experience. That experience shouldn’t start from the moment they buy, it should start from the first moment they visit your site.

4 – If you’re going to invest in acquiring prospects then you may as well make them quality prospects from the get go, i.e. you ideal customer – you know, the person who is more likely to buy from you, then become a repeat buyer and raving fan. They are worth more to you in the long run.

Why should relationship building matter so much…?

Think about this… offering someone a discount doesn’t tell your prospect anything about you. They have no loyalty because the relationship is based on a transaction. If they do buy from you, then you have to work extra hard afterwards to show them your value.

BUT, offering someone something of true value immediately starts a deeper connection. If they do buy from you it’s because of how you made them feel, and if you carry that through to your customer experience then you’re creating a shorter path for them to become a repeat buyer and raving fan. There’s no need to work hard on showing them the value you bring because you’ve already done the leg work.

How to create your own lead magnet beyond giving a discount?

This guide will give you oodles of inspiration to create an irresistible lead magnet that your ideal customer is going to love. It’s designed to help you think outside the box and create something truly unique to your business.

Here’s how 3 businesses are getting it right…

To really bring this all to life, I asked three e-Commerce store owners to talk about their lead magnets, including who they were made for, i.e. their ideal customer.

About

Founder and Creative Director, Amanda, turned her obsession for list-making into a full-time business. She creates beautiful personalised planning stationery and helpful tools that are unique to each customer – whether it be meal planning, keeping on top of monthly commitments, or scheduling a busy family or work day. She believes that planning should be fun otherwise it will never be a priority!

Q. Who is Padtastic’s ideal customer?

A. Our ideal customer is the planner-obsessed, the stationery addict and the list-maker, as well as those who are time-poor, who struggle with staying organised and wish they had more order and calm in their daily life.

Q. Why did you create your lead magnet. How does it help your ideal customer?

By breaking the process down into 7 easy steps, people can learn to create an effective plan for themselves, no matter the lifestyle they lead. Often, people know they would benefit from planning or creating more structure in their day to day life, but without an easy, straight forward place to start, it can seem overwhelming.

I wanted to remove that barrier by breaking it down, starting with “making a plan to make a plan”, and finishing with the reminder to always make time for yourself, to keep your own mindset healthy and to really focus on what is most important!”

About

Founder and Owner, Danielle Scambary, is also a Podiatrist and busy mum. She created The Good Shoe Shop for busy women on-the-go who want comfortable AND fashionable footwear rolled into one. In Danielle’s words: ‘Becoming a Mum did not come with a lobotomy that suddenly made me want to start rocking orthopaedic nana shoes. I want shoes that keep me feeling on top of the world from the minute I slip them on to the minute I take them off.”

Q. Who is The Good Shoe Shop’s ideal customer?

A. We have two main customer avatars as we have two different age groups that buy our shoes.

Lauren is 35 years old with two school age children. She works 3 days a week in an office environment and is busy with the kids on her days off. Post children she feels a little less stylish, but she can’t go back to wearing the old shoes she used to wear, they just aren’t comfortable enough for running around after her kids. She conducts a lot of her business online and she’s very social savvy, spending hours a day on Instagram. She mainly goes out with her family and when catching up with friends will choose lunch at a local restaurant.

Janine is 45 and works full time in an office environment. She has a little more time up her sleeves. Her children are more independent or she doesn’t have any. Being a little bit older, she worries more about her health. She worries about the effect of bad shoes but still wants to look stylish and does not want to wear “grandma” shoes. She looks after herself, spending time at the gym, hairdressers, yoga studio, bail salon and cafes and restaurants and she also likes to travel.

Q. Why did you create your lead magnet. How does it help your ideal customer?

A. Our online quizwas a way to reinforce the health benefits of our footwear, and highlight that each shoe was selected by a podiatrist for comfort, quality and style. It was also a way to qualify our customers and has a conversion rate of 19%.

About

Anne started Kidderbug Kreations to create beautiful handmade gifts for people to give their loved ones that are unlike anything you’ll find in stores – from tooth fairy pillows and imaginative play non-paper dolls to thoughtful memorial gifts.

Q. Who is Kidderbug Kreations’ ideal customer?

A. My ideal customer is a nurturer. Someone who is invested in contributing something of meaning, growth and love to the lives of the people they care about.

Whether this is a parent/grandparent looking to enrich their children/grandchildren’s lives and give them something to grow with and love, or family/friends who have lost someone and wish to have a positive, comforting reminder of their loved one.

They’re more interested in finding something that is a good match, high quality, and special to the person they love than something cheap, convenient or easy.

They think of their loved ones often, plan for special occasions (like birthdays and Christmas) in advance, and value connection and meaning over money. They’re looking for that initial “wow, this is perfect” factor, and they want to ensure that their gift will provide lasting joy and happy memories.

Their gifts are about showing love, thought, and investment when they’re not there to do it themselves.

Q. Why did you create your lead magnet. How does it help your ideal customer?

After losing 4 family members in just over 3 years, I knew the heartache first hand and how difficult it was to find good places and things to help. In this bundle, people receive a resource guide full of books and websites as well as colouring pages to help with the healing process.

Conclusion

There is a place for incentivising sign ups with a discount, just don’t make it your only option. Don’t forget about the other 97% that visit your site and never buy. Your aim is to create more time to building a relationship with them.

The online shopping industry is growing which means that more businesses are flooding the market place. Start creating your loyal customer base from their first site visit by providing a value-packed lead magnet tailored for your ideal customer.